Introduction: Similar to every business model, the fashion industry also needs sustainable growth and expansion. Planned and unplanned strategies run hand in hand. Somehow, forecasting plays an important role in the overall sustainability of the business model by which the stakeholders can predict the initial years of the business. Specifically talking about the fashion industry, the level of saturation is very high due to which the market becomes unstable. For that reason, stakeholders of the fashion brands struggle to introduce a new concept to maintain sustainability.
In this article, we will be sharing some fruitful ideologies through which the uncertainty of the business becomes limited, and the business model can become sustainable. Still, before that, we must know what the essential accessories that are used to complete the apparels are.
Value Adding Clothing Accessories:
- Jackets: Jackets tend to change the entire look of the person wearing. They are available in many types like slim fit, leather, quilt, and many more.
- Hats: Initially, hats served the purpose of protecting people from sunlight, but now they are a style statement available in cloche, beret, cowboy, beanie, and others specially designed to transform the attire.
- Socks: Knee length, thigh-high, calf-length, and whatnot. You name it, and they have it. Every one of us has an unlimited collection of matching socks to customize our wearable.
- Gloves: Mostly, gloves are for the winter season but somehow they managed to make their place for bikers, sports players. Now their use is not limited to keep your hands warm; they have become a part of fashion.
- Footwear: Without matching shoes and footwear, clothing is not complete. Ideally, oxford shoes are the right choice, but the trend is shifting to brogues and monk straps for formal dressing.
Coming back to our topic, which is the sustainability of the business in the apparel market, we must know that every part of the clothing is associate with each other. Positives of the brands may not be visible but negatives are presented in a way that even the loyal customers are affected. Hence, for sustaining the position against competitors, stakeholders must know the following concepts:
- Needs And Wants Of The Market: Knowing that the apparel market is one of the most densely populated business model, investing in the market, and seeking sustainability can be dangerous. Still, all you need to know is, what are the needs of the market, what do people strive for. Recently, fashion designers and clothing experts encountered a need for iron-on clothing labels. Similarly, there are various needs and wants that were overlooked, resulting in the downfall of the business. People who address such needs become more sustainable and established goodwill in the market.
- Brand Equity And Perception: Brand equity and perception, it all starts with the mindset. The ideology of the business model must be translated to the consumers with flying colors to establish goodwill. This goodwill reflects on the revenue of the concerned business. Commitment is the only thing that can help if sustainability is the core objective. Customer retention is highly volatile, and if you are unable to develop a strong perception, your business model will not last long. Hence, authenticity and honesty are the two factors that create brand equity.
- The Artwork: Once you address the goodwill and identify the needs of the market, the next big thing is to present the product with creative aesthetics. Usually, the average life of a wearable range between six months to one year, then the design, theme, and the article is either replaced by a new design or becomes an old school product. If you want to sustain in the apparel market, you need to introduce products that are more useful, long-lasting, and reusable. This increased versatility enhances brand recall, which is the key element for sustainability.
- Long-Lasting Material: Another discussion-worthy aspect of sustainability is the clothing material. People often purchase products with speculation that the material will last long, but their hypothesis leaves them behind after the second wash. Before introducing low-quality material in the market, it is better to seek help from the fashion experts about the cloth. This way, you will not only ensure sustainability, but you will also convert occasional consumers to loyal consumers. Somehow, you can seek certified material as well to ensure the quality of the product.
Conclusion:
Initially, it may take a lot of courage to invest money in the uncertain business model, but the long-lasting effects of this courage are highly fruitful. Being a stakeholder in the apparel market, you have the option to follow short term trends that tend to increase revenue. However, if you need to ensure long-lasting sustainability, you may have to bless the market with something unique and special.